Emiratis to get paid leave for starting business

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The UAE Cabinet on Thursday approved the rules of the sabbatical leave for citizens working in the government who wish to run their own business…reports Asian Lite News

“The leave is for a full year with half of the salary while preserving the job. Our goal is to encourage our youth to take advantage of the huge economic opportunities offered by our national economy,” Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, said.

Sheikh Mohammed was chairing a cabinet meeting, which was held at Qasr Al Watan, Abu Dhabi.

The purpose of the leave is to establish an economic project in the private sector or manage an existing project or participating with others.

The employee should have the necessary approvals from the competent authorities, according to the government.

At the beginning of the meeting, the cabinet has reviewed economic results compared to the pre-pandemic period. The UAE non-oil exports grew by 47 percent, FDI flow increased by 16 percent, and the number of new registered companies increased by 126 percent.

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“We approved housing loans for citizens worth AED2.4 billion for the next six months with 500 beneficiaries per month. Our goal is to complete 13,000 houses within the Zayed Housing Programme in the coming year. We will continue supporting citizens,” Sheikh Mohammed said.

 “Today, I witnessed the signing of performance agreements for a number of ministers. The agreements stipulate the completion of 36 transformational short cycles projects within six months to a maximum of 12 months. The projects aim at enabling ministries to respond to all changes quickly and with greater flexibility,” he added.

COVID-19 recovery plan

The Cabinet meeting reviewed the outcomes of the COVID-19 recovery plan (2020-2021), which included developing and implementing of 33 initiatives in partnership with federal and local entities. The initiatives had a 100 percent success rate in empowering the economy, developing sectors and opening new markets.

The outcomes of the report showed that the real gross domestic product (GDP) was 3.8 percent in 2021, exceeding the estimates of international institutions by 1.7 percent, whereas the non-oil GDP reached 5.3 percent in the same year.

Data shows that the UAE non-oil exports grew by 47 percent, the FDI flow increased by 16 percent, the number of new registered companies increased by 126 percent, and the revenues associated to economic movement increased by 19 percent.

Housing loans

The Cabinet approved housing loans for citizens worth AED2.4 billion for the next six months with 500 beneficiaries per month. The move comes as a part of new Hosing Laon Policy. The target of the current year is 3,000 housing loans beneficiaries.

Framework for culture and creative industries

The Cabinet approved the UAE framework for culture and creative industries statistics, which will serve as national database.

The framework enhances the position of the UAE in the competitiveness reports, and provides comprehensive and accurate data at the federal level enabling the monitoring of the cultural and creative industries sector.

It will also provide accurate data for talents, entrepreneurs, investors, and academic institutions in the sector.

Data shows that cultural and creative industries contributed 3.5 percent to the GDP amounting AED54.4 billion and 5 percent of the non-oil GDP. The number of establishments operating in the sector jumped to 36,000.

Financial and tax system

The Cabinet approved a number of amendments on tax regulations that aim at enhancing business and investment environment.

The Cabinet approved the amendment of the Federal Decree on Tax Procedures with the aim of creating an approximation and coordination with corporate tax law.

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